Corporate and Professional Updates on 11th March 2019
Page Contents
Indirect Tax Updates:
- Indian businesses that paid most of their goods and services tax liability using input tax credit or reported a significant variation in turnover are being queried by taxmen, a move that has irked industry and prompted it to petition the authorities against such tactics.
- Tax officials have sent emails seeking information from businesses that paid over 95% of their dues using input tax credit to ascertain the key factors responsible for subdued GST collections.
- These queries relate to a large variation in turnover reported, negative growth in central GST liability and a wide divergence in input tax credit between GSTR 2A and GSTR3B.
- In some centers, businesses have been even asked to furnish tax payment challans. GSTR 2A and GSTR3B are return forms. The first includes all information related to purchases, the second is a simplified return form aimed at making life easier for filers. GST was rolled out on July 1, 2017.
Other Updates:
- Finance Ministry eyeing part of non-core asset sale proceeds of CPSEs as dividend.
- China, US reached consensus on exchange rate issues.
- Govt amends SEZ rules in three critical areas.
- IDBI Bank considering renewal of term for current MD.
- Savings of millions of armymen now junk due to IL&FS.
- FinMin may borrow 60% from market for H1.
- PNB: Agencies to probe who helped Nirav set up UK.
- Anil Ambani’s Reliance Capital looks beyond Nippon Life for AMC stake.
- Naresh Goyal to shed stake to 17% in Jet bailout plan; lenders to hold 30%.
- India seeks Saudi investment in strategic oil storage to resurrect refinery.
- Govt scraps 6th, 7th rounds of coal mine auction; sale of 19 blocks on hold.
- Magma Fincorp expects to close FY19 with 20% growth in disbursals.
- CBDT allows offshore fund managers to operate from India.
- EPF transfer on job change to become automated from next fiscal.
- ‘Access to formal credit increases income of farmers’.
- Suven Life inks pact to buy assets of Rising Pharma units.
- DLF to launch over Rs 3,000 cr QIP by June.
- India targets Saudi investment in building strategic oil reserve.
- US, China have reached consensus on many vital issues.
- FPIs invest over 2,700 crore in five sessions on global cues.
- Essar Steel, Binani insolvency resolutions get official clean chit top body says no contradiction.
- CII releases roadmap for 8% growth in coming years.
- India-SICA talks to take place soon to help promote bilateral trade and investments.
- High value cars, jewellery to become cheaper as TCS to be excluded in computing GST.
- Irdai panel suggests host of steps for speedy settlement of insurance claims.
- IRDAI issues norms on conflict of interest.
Key Due Dates:
- 10th March 2019- Monthly GST-TDS/TCS payment in form GSTR-7 for the month of February 2019 under GST.
- 11th March 2019- GST Filing of returns by registered person with aggregate turnover more than 1.50 crores (GSTR-1) for February 2019.
- 15th March 2019- Due date for forth and last installment/ entire amount of advance tax for Assessee having presumptive basis income,
- 20th March 2019 – GST monthly return for the month of February 2019 (GSTR-3B)
- 15th March 2019- Due date for PF and ESIC payment.
- 25th March 2019- Due date for filing monthly return of PF.
- 30th March 2019- Challan cum statement for TDS u/s 194 IA for immovable property and 194 IB for rent payment for February 2019.
- 31st March 2019 – PT payment for the month of February 2019.
- 31st March 2019 – Due date for filing of GSTR 3B and 1 from July 2017 to September 2018 without late fees.
- 31st March 2019 – Due date for filing of ITC 4 under GST for claiming Input tax credit on goods sent for job works for the period July 2017 to December 2018.
- 31st March 2019 – Due date for Annual return under PT from April to March 2019.
- 31st March 2019 – Last date for linking Aadhar with PAN.
Quote of the Day:
“Professionalism: It’s NOT the job you do it’s HOW you DO the job.”